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with some tax increases. but i think that those making over 250,000, those families are going to bear the brunt of all this. i know that everybody enjoys their mortgage deduction. peter barnes, thank you very much. it's good to see you. >> thank you. >> black friday weekend, breaking records all over the place. will cybermonday do the same? after getting a bad beating in the election, the grand old party may be trying to reinvent itself. the new face of the gop and we have answers next. cheryl: the numbers are beginng to come in. her sonous and he ran up a 42 billion-dollar bill on the empire state. the cost include $32 billion for small things alone. they are working on its request to draw up federal delegation made. long island residents who spend weeks in the dark will not be getting a break on their electr bills. the bills have been sent off in the normal amount. con edison, covering most of new york city, has said that they will get customers the money back from the days that they were powerless. another
with some tax increases. but i think that those making over 250,000, those families are going to bear the brunt of all this. i know that everybody enjoys their mortgage deduction. peter barnes, thank you very much. it's good to see you. >> thank you. >> black friday weekend, breaking records all over the place. will cybermonday do the same? after getting a bad beating in the election, the grand old party may be trying to reinvent itself. the new face of the gop and we have answers...
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from it it's sold there are age limits but what has been the result is that for every dollar in taxes the united states receives from legal alcohol or tobacco it costs us ten dollars in social costs so we don't need to legalize something to make it to control it we can actually keep it illegal so that we don't have big industry promoting it to kids but at the same time we also don't need to throw everybody in jail for small amounts of use so i don't live in this world where it's black or white you know we go to jail or it's legal we can do better than that ok pete if i go back to you i mean we haven't said which is not a war against our own people but the level of incarceration the united states is extraordinary that is a war on a population that at least in one sense well i would again i think we can use words in lots of ways i think. the problem is that you have in latin america today a norm mis level of violence and killing that people believe is related to the drug war whether it is or not whether kevin is right that legalizing marijuana in a few states is not going to have any ef
from it it's sold there are age limits but what has been the result is that for every dollar in taxes the united states receives from legal alcohol or tobacco it costs us ten dollars in social costs so we don't need to legalize something to make it to control it we can actually keep it illegal so that we don't have big industry promoting it to kids but at the same time we also don't need to throw everybody in jail for small amounts of use so i don't live in this world where it's black or white...
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anytime you reform the tax code, you're going to want to do it in a way that stabilizes the tax base. you're creating a more reliable, sustainable base. that might mean some americans pay more, but that doesn't necessarily amount to a tax increase, what you're trying to do here is to stabilize the revenue stream. when you say it doesn't amount to a tax increase in the aggregate, that obviously is the center of this whole issue, especially when it comes to the pledge i know you signed with grover norquist. he said i'm okay with closing loopholes, but it has to be revenue neutral. but everyone knows to get a deal done, it can't be neutral. are you open to a deal that is not revenue neutral? >> what i'm open to is the idea of acknowledging the fact that we can bring in on average 18.5% of gdp through our revenue stream. that's what our tax system is capable of doing in the united states. that remains a constant. whether or top rate is at 35% as it is now or 75% as it was back in the early 1980s. that's a relative concept. what i want is for us to produce a steady stream of 18.5% rather t
anytime you reform the tax code, you're going to want to do it in a way that stabilizes the tax base. you're creating a more reliable, sustainable base. that might mean some americans pay more, but that doesn't necessarily amount to a tax increase, what you're trying to do here is to stabilize the revenue stream. when you say it doesn't amount to a tax increase in the aggregate, that obviously is the center of this whole issue, especially when it comes to the pledge i know you signed with...
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tax issue. if you are a small business owner and you have a gadget to sell out of your garage and you work hard, you don't the money to comply with the different state laws across the country. whatever you call them. >> bob: we are not alone. a lot of republican governors are for taxing the internet. >> eric: in new jersey, i believe you don't pay sales tax on clothes. add sales tax on clothes there? >> brian: absolutely. >> eric: that is because you're from new york. >> dana: it should be fair. should you tax food? chocolate or not? it goes on and on. >> bob: if you talk about fair, how is it fair that people that go to the brick and mortar stores that pay taxes and other people on the internet don't. >> dana: we will explain it in the break. we have to go. major power grab in egypt. susan rice blames the intel community. the anti-muslim video that we talk, he will speak for the first time. the foreign policy roundup is next. ♪ ♪ >> kimberly: bold move thursday, egypt newly elected presiden
tax issue. if you are a small business owner and you have a gadget to sell out of your garage and you work hard, you don't the money to comply with the different state laws across the country. whatever you call them. >> bob: we are not alone. a lot of republican governors are for taxing the internet. >> eric: in new jersey, i believe you don't pay sales tax on clothes. add sales tax on clothes there? >> brian: absolutely. >> eric: that is because you're from new york....
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republicans oppose any increase in tax rates for the wealthy. the president refuses to sign any legislation extending the current tax rates to the top 2% of earners. the president's been in negotiations with house speaker john boehner and has said he's willing to put almost anything on the table except social security. he wants to deal with that separately next year, but republicans want all entitlements included in talks. they want the president to make the first move with an initial proposal. and the white house says it has not received a realistic proposal from republicans that would raise the kind of revenue president obama is seeking. >> susan mcginnis in washington this morning. thank you so much. >>> amid sky high approval ratings in the wake of superstorm sandy, new jersey governor chris christie said he will be seeking re-election next year. he said the preliminary damage from sandy is nearly $30 million. christie says he's in it for the long haul to help jersey recover. >>> coming up on the morning news, click and shop. cyber monday ri
republicans oppose any increase in tax rates for the wealthy. the president refuses to sign any legislation extending the current tax rates to the top 2% of earners. the president's been in negotiations with house speaker john boehner and has said he's willing to put almost anything on the table except social security. he wants to deal with that separately next year, but republicans want all entitlements included in talks. they want the president to make the first move with an initial proposal....
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or raise their tax rates? today president obama meets with small business leaders continuing his push for higher taxes for the wealthy. a new white house economic report warns if tax breaks go away, the average middle-class family will owe uncle sam another $2,200 next year. >> it seems to be the thing that we can all agree on, that middle-class families should see an extension of these tax cuts. >> reporter: some prominent republicans who have been dead set against raising taxes on anyone now hint they may consider other options. >> we've been open to revenue by closing loopholes as long as it's tied to spending cuts and pro-growth tax reform that brudens the base and lowers rates. >> you don't raise rates, you just cap the amount of itemized deductions that taxpayers -- it hits the wealthy. >> reporter: the bottom line, republicans say americans borrowing too much money trying to keep medicare and social security afloat. lawmakers with the fix-the-debt coalition meet here tomorrow. >> there's going to come a
or raise their tax rates? today president obama meets with small business leaders continuing his push for higher taxes for the wealthy. a new white house economic report warns if tax breaks go away, the average middle-class family will owe uncle sam another $2,200 next year. >> it seems to be the thing that we can all agree on, that middle-class families should see an extension of these tax cuts. >> reporter: some prominent republicans who have been dead set against raising taxes on...
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but will the president budge on his top tax rates must go up. the state of the fiscal cliff negotiation may really ride on that point. now at a white house briefing they need to double down on the long held belief households with income above 250,000 dollars must pay a higher rate. they are open to higher taxes but they are pushing the idea of eliminating deductions for high income earners. >> we will continue to wait on the president and hope he has what it takes to bring people together and forge a compromise. if he does we will get there and if he doesn't, we won't. >>> it's that simple. >> president obama is going to meet with the carefully selected group of business leaders to get their input. how the republicans will do the s same. there will be little room for compromise. >> they once again urged the senate to pick up the house passed bill extending the hacks breaks for millionaires and billionaires. as president the senate has considered this bill. we jeekted it on a bipartisan basis. it was load down in this congress. >> republicans are
but will the president budge on his top tax rates must go up. the state of the fiscal cliff negotiation may really ride on that point. now at a white house briefing they need to double down on the long held belief households with income above 250,000 dollars must pay a higher rate. they are open to higher taxes but they are pushing the idea of eliminating deductions for high income earners. >> we will continue to wait on the president and hope he has what it takes to bring people together...
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some republican lawmakers say they're now willing to defy party politics and cut a deal on taxes. if congress doesn't act, $650 million of spending and tax increases will take place on january 1st. but there's fresh hope in washington that republicans and democrats can strike a deal. >> the world has changed. >> reporter: the biggest obstacle is a pledge of no tax increases of virtually any kind that every republican has signed. but with fiscal calamity on the horizon, some gop lawmakers have changed their tune. >> i will violate the pledge, long story short, for the good of the country. >> reporter: defying the pledge would buck 20 years of republican orthodoxy. this is the man behind the pledge. he's gotten thousands of republicans to sign the pledge, in exchange for help getting elected. the lawmakers open to breaking the pledge say they will do so by closing loophole, not raising taxes, putting them at odds with president obama, who was re-elected by pledging to let tax cuts expire for the wealthiest americans. >> the president has made clear that he will not sign a bill that
some republican lawmakers say they're now willing to defy party politics and cut a deal on taxes. if congress doesn't act, $650 million of spending and tax increases will take place on january 1st. but there's fresh hope in washington that republicans and democrats can strike a deal. >> the world has changed. >> reporter: the biggest obstacle is a pledge of no tax increases of virtually any kind that every republican has signed. but with fiscal calamity on the horizon, some gop...
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norquist is offering a reminder to republicans in congress who are thinking about breaking their anti-tax pledge in order to reach a deal. >> we could ask president bush, george herbert walker bush, how his second term went after he broke his pledge. did he damage the pledge, or did by breaking his pledge, he lost a second term for the presidency because he had not kept his word with the american people? >> at some point they need to let him go. >>> new york governor andrew cuomo is making his case for federal aid in the aftermath of hurricane sandy. governor cuomo said the storm could cost the state nearly $42 billion, and new yorkers would need federal help footing the bill. while acknowledging that more people died during hurricane katrina in 2005, the governor said that sandy's damage was actually more widespread. >> when you look at the number of homes and businesses affected, this storm affected many, many more people in places than katrina. and arguably, therefore, this created more housing and economic damage than katrina. >>> new jersey which suffered massive damage to its transi
norquist is offering a reminder to republicans in congress who are thinking about breaking their anti-tax pledge in order to reach a deal. >> we could ask president bush, george herbert walker bush, how his second term went after he broke his pledge. did he damage the pledge, or did by breaking his pledge, he lost a second term for the presidency because he had not kept his word with the american people? >> at some point they need to let him go. >>> new york governor andrew...
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biggest obstacle is a pledge of no tax increases of any kind signed by most republicans. grover norquist is behind the pledge and has convinced thousands of republicans to sign the pledge in exchange for helping them get reelected. some republicans open to breaking the pledge say they will do it by closing loopholes but say entitlement reform must be part of the discussion. >>> do you think you are paying -- >>> good morning. home prices continue to climb nationwide up 3% in september compared to a year ago. in the san francisco area it was 7 1/2% compared to a year ago. meantime, watch for your landlord to jack up rent. recents are up 4.1% this year, watch for rents to go up 4.6% next year and 4.7 the year after. zillow buying hot pads for 16 million dollars, has 19 employees will stay in san francisco, zillow says the move will help it increase the number of leads it sends to landlords. watching ebay today, shares slightly lower stock hit a nearly eight year high yesterday optimism it will benefit from the surge in online holiday shopping amazon shares continue to gain
biggest obstacle is a pledge of no tax increases of any kind signed by most republicans. grover norquist is behind the pledge and has convinced thousands of republicans to sign the pledge in exchange for helping them get reelected. some republicans open to breaking the pledge say they will do it by closing loopholes but say entitlement reform must be part of the discussion. >>> do you think you are paying -- >>> good morning. home prices continue to climb nationwide up 3% in...
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reform with lower tax rates. the pledge you mentioned is identified with americans for tax reforms grover norquist who has gotten many republicans to promise they won't vote to raise taxes. south carolina senator lindsey graham is pushing back saying capping deductions would help generate revenue. the top republic on the senate budget committee explained graham's position. >> he is conditioning any tax increase on fixing these programs, social security and medicare, particularly in making sure that they are sound for the future. so that's lindsey's position. and he has talked about accepting revenue to accomplish that goal. >> republicans continue saying they don't want to increase tax rates arguing that will hurt job growth. democrats say the middle class could be spared from a tax increase now. >> however as we continue to negotiate a responsible path forward i remind everyone within the sound of my voice of one fact. this congress is where one vote away from avoiding the fiscal cliff for middle class families
reform with lower tax rates. the pledge you mentioned is identified with americans for tax reforms grover norquist who has gotten many republicans to promise they won't vote to raise taxes. south carolina senator lindsey graham is pushing back saying capping deductions would help generate revenue. the top republic on the senate budget committee explained graham's position. >> he is conditioning any tax increase on fixing these programs, social security and medicare, particularly in making...
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earners, then there's a question also of tax structure like the treatment of taxes for in some health care items and also on the mortgages. so there are a number of areas where this-of will there will have to be a negotiation, have to be give we're talking here about medium and long-term viability of the united states economy to not only avoid the fiscal cliff but get to the moment where the debt stops rising and the debt to gdp starts coming down into an area where we all can breathe more comfortably. >> secretary, we're going to leave it there. thank you for joining us this morning. >> thank you. >> coming up, we're going to kick off a rise above road trip. john harwood begins in ohio visiting the home state of house speaker john boehner asking constituents if their representative is representing them or not. the currents to rise above all day and i guess they mean their representative in congress and the representative in the white house asking both all day on "squawk box." tdd# 1-800-345-2550 you should've seen me today. tdd# 1-800-345-2550 when the spx crossed above its 50-day mo
earners, then there's a question also of tax structure like the treatment of taxes for in some health care items and also on the mortgages. so there are a number of areas where this-of will there will have to be a negotiation, have to be give we're talking here about medium and long-term viability of the united states economy to not only avoid the fiscal cliff but get to the moment where the debt stops rising and the debt to gdp starts coming down into an area where we all can breathe more...
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is he going to raise taxes on the middle class? is he going to raise taxes repeatedly? does he have some -- has he discovered the willingness to rein in spending? we haven't seen any plans. >> senator, let's talk about you, now. because a year ago when you were part of the super committee you did propose your own cut plan and revenue plan. >> right. >> this included closing loopholes. this included reducing deductions in taxes. you still support closing loopholes and reducing deductions? >> look, the concern that i have is that we are now just a few weeks away from a massive tax increase. and i am trying to find a way to avoid inflicting that damage on our economy and going through that. so, if we're going to have to have some kind of revenue increase, which this president seems determined to do, i would hope we could at least do it in the way that does the least economic harm. that means lower marginal rates, reform the tax code, offset the lost revenue by reducing deductions, write-offs, loopholes, that sort of thing, then, at least, you could hope that you'd have som
is he going to raise taxes on the middle class? is he going to raise taxes repeatedly? does he have some -- has he discovered the willingness to rein in spending? we haven't seen any plans. >> senator, let's talk about you, now. because a year ago when you were part of the super committee you did propose your own cut plan and revenue plan. >> right. >> this included closing loopholes. this included reducing deductions in taxes. you still support closing loopholes and reducing...
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what will make us greece is not raising taxes. what will make us greece is not fixing medicare, medicaid and social security. jon: white house press secretary jay carney says president obama will not give on extending current tax rates on wealthy americans. on entitlements carney says the president is open to changes except when it comes to social security. >> the president has long made clear that he is open to discussions about strengthening social security as part of a separate track. jon: so is the u.s. economy heading for a plunge over the fiscal cliff? with us now, associate editor and columnist for "the hill", a.b. stoddard. so what are the folks that you cover there on capitol hill, what are they saying about the prospects here? >> well, in the last 10 days it starts to sound more and more like democrats don't really have a problem with going over the slope or the cliff. they won't really admit that but it seems that they're not working so hard to stop it. you see the white house trying to tell americans that there is goin
what will make us greece is not raising taxes. what will make us greece is not fixing medicare, medicaid and social security. jon: white house press secretary jay carney says president obama will not give on extending current tax rates on wealthy americans. on entitlements carney says the president is open to changes except when it comes to social security. >> the president has long made clear that he is open to discussions about strengthening social security as part of a separate track....
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fdr raised taxings. president obama is going to raise taxes. many of the big themed policies of the first term of fdr were implemented in the second term. same with president obama and think obama care and financial reform . attacking wall street as the villian. president roosevelt did that . wall street was the villians and shades of that exactly. 2013 president obama wall street is the villiage and then the rearrangement of society. fdr tried to do it. and president obama is doing it and run away government spending. parallels are there and hope it doesn't work out like it did then. >> we want all americans back to work. and back in the 30s industrial plummeted 34 percent in the first year of the second term. >> that is a depression in and of itself . set in the overall depression of the 1930s. 1937 was a catastrophic year. >> steve: how did thereat look some >> not much better. what bailed america and the world out of the depression was the second world war. >> gretchen: exactly. how did you get out of the mess in the 30s. we don't want to p
fdr raised taxings. president obama is going to raise taxes. many of the big themed policies of the first term of fdr were implemented in the second term. same with president obama and think obama care and financial reform . attacking wall street as the villian. president roosevelt did that . wall street was the villians and shades of that exactly. 2013 president obama wall street is the villiage and then the rearrangement of society. fdr tried to do it. and president obama is doing it and run...
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no taxes. no taxes. but now simpson bowl, the republican and the democrat, two years ago they came up with a plan, it is now being talked about again. this is two years later. all these issues have been on the table for a very long time. so what is the hold up? is there still this intransigence that nobody can get past? >> well the real holdup in my estimation is this -- you cannot talk about dealing with our deficit, you cannot talk about how you run this country without talking about credible revenue. and if, in fact, you want to continue to give tax breaks to the richest people in this country, then you can't get started with a credible proposal for compromise. you've got to start there. and when that is done, then you can talk about entitlement and what can you do with a credible proposal to reduce entitlements? but you can't do that until you talk about how you're going to fund a defense and not increase revenue. with the cliff that we're faced with, we're talking about maybe a 50% reducti
no taxes. no taxes. but now simpson bowl, the republican and the democrat, two years ago they came up with a plan, it is now being talked about again. this is two years later. all these issues have been on the table for a very long time. so what is the hold up? is there still this intransigence that nobody can get past? >> well the real holdup in my estimation is this -- you cannot talk about dealing with our deficit, you cannot talk about how you run this country without talking about...
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tax problem worth having, the tax bill on a record $425 million powerball jackpot that's up for grabs wednesday night. people across the country are dreaming. >> and we all know the chances are beyond slim. i think, the money you are putting down is for the fantasy. just that moment, you go, "man if i won this, wouldn't that be great." you're buying that moment of escape. not buying a real shot. >> you're very familiar with fantasizing, right? >> oh, yeah. >> money. winning. >> helps you get through the day. >>> and later they're back. 'tis the season for my favorite family, the griswolds, what got them together for 30 seconds after 23 years. can't believe it's been that long. details on what they're doing coming up in "the skinny." if you do not like national lampoon's "christmas vacation." you have no soul. funniest holiday movie ever. love the griswolds. >> coming from a man who has a heart as big as the grinch. no, i'm kidding. you've got a big heart. >> thank you. >>> but first we begin with a slushy ride to work for millions of commuters in the northeast. many towns blanketed in
tax problem worth having, the tax bill on a record $425 million powerball jackpot that's up for grabs wednesday night. people across the country are dreaming. >> and we all know the chances are beyond slim. i think, the money you are putting down is for the fantasy. just that moment, you go, "man if i won this, wouldn't that be great." you're buying that moment of escape. not buying a real shot. >> you're very familiar with fantasizing, right? >> oh, yeah. >>...
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i'm the anti-tax guy, and 98% of the people in the republican caucus are the anti-tax guy. we think americans are taxed too much. and if you want us to vote to raise to increase taxes, then you're going to have to come with a lot of spending cuts. thatst the b 's the basis of his power. >> there will be tax increases and a lot of republicans will vote for them. you can call them revenue changes. last year before the election, john boehner was on the record in negotiations with the president saying we'll increase revenue by 800. all that means is you're raising taxes. >> they're not going to do that without a lot of cuts, are they? >> no, no, they're going to probably get cuts, the size of sequestration, which is $1.2 trillion, which is exactly the size of the tax increase that the president's going to demand. >> that's where grover's not unique. you've got people protecting medicare, other entitlements, max baucus saying you can't touch the estate tax. and at the end of the day, do you have a deal here? >> just to underline this, willie, grover is not the nra, doesn't have
i'm the anti-tax guy, and 98% of the people in the republican caucus are the anti-tax guy. we think americans are taxed too much. and if you want us to vote to raise to increase taxes, then you're going to have to come with a lot of spending cuts. thatst the b 's the basis of his power. >> there will be tax increases and a lot of republicans will vote for them. you can call them revenue changes. last year before the election, john boehner was on the record in negotiations with the...
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your replay possibly be like this, it depends on my tax rate? if the taxes are too high, i'd rather leave the money in my savings account earning a quarter of 1%. only in grover norquist's imagination does such a response exist. why do you think republicans are clinging so tightly to that idea? >> well, i think they are worried about primaries next time, but i think you're seeing people peel away from that. i'll call you at midnight, matt and tell you i've got the greatest stock i've ever seen. you're not going to say what's the tox rate, you're going to say what's the name of it? >> bottom line, would raising taxes on the wealthiest americans have a chilling effect on hiring in the country? >> no, and i think would have a great effect on the morale of the middle class who have seen themselves playing high payroll taxes, income taxes and they watch guys like me end up paying a rate paid by the people in my office. >> mr. buffet, appreciate you being here. want to tell our viewers to stick around. you'll be back in the next half hour to chronicle
your replay possibly be like this, it depends on my tax rate? if the taxes are too high, i'd rather leave the money in my savings account earning a quarter of 1%. only in grover norquist's imagination does such a response exist. why do you think republicans are clinging so tightly to that idea? >> well, i think they are worried about primaries next time, but i think you're seeing people peel away from that. i'll call you at midnight, matt and tell you i've got the greatest stock i've ever...